One constant factor of conducting a business enterprise in Texas and elsewhere is that change will sustain a company’s future successes. Change is no longer a luxury that a large company may or may not decide to foster. Change in the dynamics of business transactions and business operations is a necessity for survival in a world of nearly constant technological innovations.
The focus is on the startup business. Even large corporations need to stimulate the development and growth of startup companies. In a sense, the startup contains the DNA for true innovation and dynamic growth. According to some experts, large companies need to test and create internal startups to experiment with new business ideas.
Such theories thrive on the idea that companies must develop an entrepreneurship function. Large established companies will fall behind the rapid tides of change if they do not cultivate a culture of entrepreneurship from within. To promote the creative process within the company, new internal mechanisms of management that favor trial and error procedures are necessary. The system will encourage and stimulate the creation of new startups from within based on perceived trends in the industry.
There may be an element of gambling involved in the process of deciding which startups to favor and which to discard. The entrepreneurship section of the company will presumably improve its track record as it continues to develop experience in going forward with new ventures, promoting new products, services or ideas. It is a highly fluid process, with funding, accounting and other departmental processes going into the same trial and error mode as they interact with a flow of new startups.
Texas is one state where these new dynamics will be introduced and practiced within a number of large established companies. The successful programs will have a healthy combination of creative entrepreneurship and adherence to those steady anchors that withstand the tides of change. The goal is to create innovative products, services and business transactions that are a part of the front line of substantial change necessitated by the constant technological discoveries that we currently enjoy.
Source: forbes.com, “How Creating An Entrepreneurship Function Can Help Sustain Corporate Innovation,” Tendayi Viki, Nov. 7, 2017